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Karen Wortley was a foster carer for nearly 20 years until she was diagnosed with cancer in July 2024. She sadly died on December 19, 2025, at the age of 59. https://t.co/rNU5IUpuJe
These two elements mean that Venezuela’s problem – now that President Trump has deposed Chávez’s dictatorial successor Nicolás Maduro – is not merely one of resources.
As @FraserNelson has argued, oil will not save Venezuela.
So what can save it?
We should learn from historical transitions from socialism to capitalism.
Which countries were more successful?
Those that implemented fast and comprehensive reforms, known as shock therapy. Those that failed pursued partial, gradualist reforms.
The reason shock therapy worked and gradualism failed is political economy: if reforms are not fast and comprehensive enough, interest groups form and resist further change.
That is what would save Venezuela: reform on three fronts – from soft to hard budget constraints; from dictatorship to democracy; from collectivism to individualism.
✍️@ManiBasharzad
https://t.co/U7QhG0rqoZ
Private providers continue to open children’s homes in Wales, even though profits from children’s social care wills soon be illegal. What’s the deal? https://t.co/bOxTHd3vTP